Bill would phase in new overtime rules
HARDI and a builders group are among the organizations supporting a bill that would show down the implementation of the Labor Department’s new overtime pay regulations.
Rep. Kurt Schrader (D-Ore.) has introduced a bill that would phase in the salary threshold increase over four years. Currently, the minimum salary that a worker must earn to be exempt from time-and-a-half pay is $23,660. It is scheduled to increase to $47,476 Dec. 1.
Schrader’s proposed Overtime Reform and Enhancement Act would increase the overtime threshold to $35,984 Dec. 1, $39,814 a year later, $43,645 Dec. 1, 2018, and up to $47,476 in December 2019.
"The nation's home builders applaud Rep. Schrader for sponsoring this important bill that represents a balanced approach to raise the overtime threshold for workers while minimizing the impact on small businesses," said National Association of Home Builders Chairman Ed Brady, a home builder and developer from Bloomington, Illinois.
The Heating, Air-Conditioning and Refrigeration Distributors International have also praised the bill. It co-authored a letter with the National Association of Electric Distributors thanking Schrader for introducing it.
The bill would eliminate requires that requires automatic future increases to the overtime salary threshold.
"The vast majority of homebuilding firms are small businesses that employ fewer than 10 workers," said Brady. "By gradually ramping up the overtime salary threshold, this legislation will ensure that the law remains relevant for today's workforce. It also allows small businesses operating on tight budgets sufficient time to adjust."